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The Tell: S&P 500 hasn’t done this in 40 years—and it’s a bullish sign

After a plunge following the U.K.’s vote to leave the European Union and a subsequent rally to all-time highs, the S&P 500 has set another record.

For the last 11 trading sessions, the large-cap index has traded in a range of 0.92%—representing the tightest trading range dating back to at least 1970, said Ryan Detrick, a technical analyst and senior market strategist at LPL Financial.

Read: S&P 500 touches record intraday high

Furthermore, the S&P 500 SPX, +0.08% saw a streak of alternating higher and lower closes for 11 straight days—the third longest range of such movements on record, Detrick said in a tweet Thursday after the close.

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